Wall Street Zen Upgrades Cipher Mining (NASDAQ:CIFR) to “Hold”

Cipher Mining (NASDAQ:CIFR) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

CIFR has been the topic of a number of other research reports. Arete Research initiated coverage on Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cipher Mining in a research note on Tuesday, October 14th. Northland Securities set a $27.50 price objective on Cipher Mining in a report on Tuesday, November 4th. Compass Point began coverage on Cipher Mining in a report on Monday, September 15th. They set a “buy” rating for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research note on Tuesday, November 4th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.77.

Cipher Mining Trading Down 4.7%

NASDAQ CIFR opened at $20.69 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The stock has a market capitalization of $8.17 billion, a P/E ratio of -114.94 and a beta of 2.91. The firm’s 50-day moving average is $15.26 and its two-hundred day moving average is $8.40. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $25.52.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The business had revenue of $71.71 million during the quarter, compared to analysts’ expectations of $79.13 million. On average, sell-side analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 26,581 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total value of $560,327.48. Following the sale, the chief operating officer owned 1,213,919 shares of the company’s stock, valued at $25,589,412.52. This trade represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 535,843 shares of Cipher Mining stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the completion of the transaction, the insider owned 61,316,694 shares of the company’s stock, valued at $1,245,955,222.08. This represents a 0.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 20,822,449 shares of company stock valued at $279,929,441 in the last quarter. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining during the third quarter worth $25,000. Hollencrest Capital Management purchased a new stake in Cipher Mining during the 3rd quarter worth about $31,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Cipher Mining by 10.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock worth $368,000 after acquiring an additional 2,659 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Cipher Mining by 7.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after acquiring an additional 2,812 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Cipher Mining by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock valued at $64,000 after acquiring an additional 2,940 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.